The appreciation of the dollar in the aftermath of the launch of the euro came as a surprise to most observers; furthermore, traditional models do not seem to be able to capture the fluctuations of the dollar/euro exchange rate. Is this a confirmation of earlier research according to which no...

This paper discusses the main potential sources of instability of money demand in Europe originating from institutional changes in the financial system and currency substitution. Money demand equations might appear unstable if the dynamic specifications are too rigid. This can largely be...

The paper outlines the evolution of the financial industry across industrialised countries since liberalisation gathered momentum in the 1980s and assesses its implications for prudential regulation and supervision, paying particular attention to changes in the degree of compartmentalisation...